TIDMESP

RNS Number : 5570W

Empiric Student Property PLC

20 August 2015

20 August 2015

Empiric Student Property plc

("Empiric" or the "Company" or, together with its subsidiaries, the "Group")

Empiric to acquire student accommodation property on practical completion in Bath: James House

The Board of Empiric Student Property plc (ticker: ESP) is pleased to announce that the Group has exchanged contracts to acquire on practical completion the freehold on a site to be developed into a high quality turnkey student accommodation scheme on James Street West, in Bath, for a total investment of GBP25 million (excluding acquisition costs). The property is currently owned and is being developed by James House Limited and practical completion is expected for September 2016, in time for the 2016/17 academic year.

The property is located in central Bath, just to the west of the city centre, and within a short walk to Bath Spa railway station. It is equidistant from Bath's two universities, the University of Bath and Bath Spa University, with a 20 minute bus journey to either campus.

The proposed new build development will comprise three blocks of up to four storeys around a central courtyard area, with 169 beds in a mix of multi-bed townhouses and self-contained studios, with communal facilities. The property is being developed to Empiric's current high quality specifications.

James House Limited, together with CRM as letting agent, will be responsible for the marketing and letting of the scheme for the 2016/17 academic year, with a marketing suite available from January 2016. The Company will benefit from a rental guarantee for the first year of operation.

Paul Hadaway, Chief Executive of Empiric Student Property plc, commented:

"This is Empiric's first investment in Bath, a prime target university city for the Company, with two key universities and a number of other higher education institutions, resulting in full-time student population of over 20,000. The University of Bath, ranked 10(th) in The Times Good University Guide 2015, is in the middle of a GBP150 million capital investment programme, with consistent growth in student numbers. Bath Spa University has also recently completed a GBP70 million development programme and latest figures from UCAS show a significant increase in student applications. This acquisition is in line with Empiric's investment criteria and returns profile."

For further information on the Company, please contact:

 
 Empiric Student Property plc       (via Newgate below) 
 Paul Hadaway (Chief Executive) 
 Tim Attlee (Chief Investment 
  Officer) 
 Michael Enright (Chief Financial 
  Officer) 
 
 Akur Limited (Joint Financial      Tel: 020 7493 3631 
  Adviser) 
 Tom Frost 
 Anthony Richardson 
 Siobhan Sergeant 
 
 Jefferies International Limited    Tel: 020 7029 8000 
  (Joint Financial Adviser and 
  Broker) 
 Gary Gould 
 Stuart Klein 
 Alex Collins 
 
 Newgate (PR Adviser)               Tel: 020 7680 6550 
 James Benjamin                     Em: empiric@newgatecomms.com 
 Sara Hourigan 
 Andre Hamlyn

Further information on Empiric can be found on the Company's website at www.espreit.co.uk.

Notes:

Empiric Student Property plc (incorporated in England & Wales) is an internally managed real estate investment trust ("REIT") investing in modern, direct-let, premium, student accommodation, both standing and development assets, with a focus on quality and with assets generally in prime central locations in top university cities and towns in the UK. The Company listed on the premium listing segment of the Official List of the Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in June 2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 20, 2015 02:00 ET (06:00 GMT)

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